4 Ways a PEO Can Make Your Business More Financially Stable

It’s more critical than ever to make sure your business has a stable foundation. Businesses must be able to adjust to unforeseen circumstances and keep a solid financial footing through hard times. Here are 4 ways a PEO can help your business have more financial stability and weather trying times:

PEO + OVERALL COST SAVINGS

Partnering with a PEO can help businesses gain access to big-company benefits, dedicated HR experts, and robust technology. All these services in a one-stop shop add up to major cost savings for your business. Take a look at these stats from the National Association of Professional Employer Organizations (NAPEO). Businesses that work with a PEO: 

• Are 50% less likely to go out of business 
• Have 10% to 14% less turnover 
• Grow 7% to 9% faster  
• Were 119% more likely to receive COVID-related PPP loans
• Were 60% less likely to permanently close during the COVID-19 pandemic

According to NAPEO, average PEO clients can expect a return on their investment based on cost savings alone. The cost savings from using a PEO is an average of $1,775 per year per employee! 

Setting up your own medical plans is expensive. Save money with Nextep’s master medical plan! Nextep large group plans provide top-tier benefits, which allows your company to attract and retain talented employees. Instead of accessing multiple websites and vendor accounts to manage administrative tasks, Nextep provides an all-in-one technology platform and one-of-a-kind mobile app. Nextep technology can help you manage administrative needs and the entire employee lifecycle anytime, anywhere, and on any device. 

Creating and implementing workplace policies from scratch is no small task. Nextep’s experienced HR pros have workplace policy handbooks ready to go that can be customized to fit your business’ needs! 

INVALUABLE GUIDANCE DURING HARD TIMES

There are few better examples of how a PEO can provide guidance when you need it most than the COVID-19 pandemic. As a flurry of legislative initiatives was passed, our experts were hard at work creating a COVID-19 resources page, hosting live webinars, and sending out legislative updates that impacted our clients. Besides keeping our clients up-to-date on new workplace requirements and guidelines, we also compiled reports and info needed to apply for Paycheck Protection Program (PPP) loans. Nextep’s guidance through COVID-19 helped businesses navigate major legislative and tax hurdles, which helped them survive the pandemic and become more financially stable.

TIME SAVED = MONEY SAVED

Often, entrepreneurs wear multiple hats, from owner and HR manager to payroll expert and more. Nextep takes care of the administrative HR tasks so you can focus more time on moving your business forward. As your company grows, so do the demands on your time. Nextep can take the administrative burden off your shoulders such as running your payroll flawlessly, managing your benefit plans, bulking up your recruiting efforts, researching new HR legislation, and compiling W-2 info for you and your people. Nextep is your one-stop shop for time savings! 

PEO + FINANCIAL TRANSPARENCY

Employers also have easy access to in-depth analytics in their Nextep account where they can see their company’s employment info at a glance. Quickly see the cost to run your payroll this pay period, or look at how many employees are enrolled in a specific benefit plan with your admin dashboard! 

And you can always count on Nextep’s no-fee-functionality promise and transparent billing. When you work with Nextep, you can rest assured we won’t sneakily charge you for services. Don’t just take our word for it! We’ve also racked up some industry certifications to prove it. We’re an IRS Certified PEO* with a SOC 1, Type 2 designation, and an ESAC accreditation. From transparent billing and easy access to data, Nextep is here to provide a stable foundation for you to grow your business. 

At the end of the day, we’ve built our reputation on elevating the employment experience and enriching the lives of those we serve. To see how our powerful technology and friendly experts can help build a stable future for your business, take a look at this Nextep technology demo video!

*The IRS does not endorse any particular certified professional employer organization. For more information on certified professional employer organizations, please visit www.IRS.gov.